Manufacturing
Holistic Accounting Services – Financial Accounting, Inventory, and Cost Accounting Tailored for Manufacturing Businesses.
Cost Savings
Cut down on spending and time for your manufacturing company by hiring outside help for your accounting needs.
Increased Accuracy
Boost how well you handle money and make smarter choices with better accuracy.
Focus on Core Business
Use your company's own people for the most important tasks and make more money in return.
Outsourced Integrated Accounting Services For Manufacturing Businesses - AccounTax
The manufacturing sector constitutes a major part of the industrial landscape in developed nations. Products from this sector can be sold as finished goods to consumers or used as intermediate components in further production processes.
As key wealth generators, manufacturing industries drive economic growth. These sectors employ various technologies and methods, collectively known as manufacturing process management, to streamline production and enhance efficiency.
Outsourcing accounting for manufacturing businesses involves managing complex tasks such as inventory valuation and cost accounting. From the receipt of raw materials to the sale of finished products, maintaining accurate and automated accounting procedures is essential for operational success.
Our expert team in manufacturing accounting possesses extensive experience and can help establish an integrated accounting system. This includes financial accounting, cost accounting, and inventory accounting, tailored to meet the specific needs of your manufacturing business.
The Process We Follow For The Integration Of Financial, Costing And Inventory Module Of Manufacturing Accounting
1. Understanding Of Client’s Business Including Following Key Parameters For Configuration Of Inventory And Costing Module :
- Principal raw materials utilized.
- Variety of production processes and in-progress items.
- Completed goods and secondary products.
- Standard time allocation for each production stage.
- Key machinery types used in each process.
- Collecting power specifications and voltage requirements for machinery.
- Type of production – BOM/Batch, Assembly, Disassembly.
- Established production ratios.
- Identifying necessary control measures.
2. Preparation Of Implementation Plan On The Basis Of Business Analysis And Adding Suggestions Required At Each Control Points
3. During Our Implementation Phase, Our Team Will Perform Following Manufacturing Accounting And Bookkeeping Functions In Line With Implementation :
- Setting up the chart of accounts for comprehensive financial accounting.
- Modifying and finalizing the inventory master with appropriate coding.
- Recommending and implementing effective tracking/class categories for cost accounting.
- Finalizing the cost allocation master for distributing raw materials, direct labor, direct electricity, and other direct expenses to determine item-wise cost of production or cost of sales (if supported by the software).
- Creating a standard template for data collection across procurement, sales, and marketing departments.
- Communicating key control points to enhance the internal control system.
- Assisting with the integration of barcoding systems into the accounting framework.
- Recording accounting transactions accurately within the accounting system.
- Performing reconciliations and ensuring the accuracy of completed transactions.
Our Manufacturing Accounting Services
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Manufacturing Bookkeeping Services
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Accounts Payable
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Accounts Receivable
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Management Reporting
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Payroll Processing
- Organize your Chart of Accounts for tracking finances effectively.
- Document purchases like purchase orders, invoices, and inventory receipts, including details like batch numbers and expiration dates.
- Keep track of additional purchase-related expenses to calculate the total cost of acquiring goods.
- Record the components needed for each finished product to manage inventory and production.
- Document the materials used in production to monitor inventory levels and track production costs.
- Record movements of inventory between different locations to maintain accurate stock levels.
- Make necessary adjustments to stock levels when discrepancies occur.
- Assign costs like labor, electricity, and other direct expenses to production to accurately calculate the total cost of goods sold.
- Assign costs like labor, electricity, and other direct expenses to production to accurately calculate the total cost of goods sold.
- Review and record bills from vendors to track expenses and manage accounts payable.
- Pay vendors in a timely manner to maintain good relationships and manage cash flow effectively.
- Process employee pay and update payroll records to ensure accurate financial reporting and compliance with labor regulations.
- Account for depreciation and make other necessary adjustments to accurately reflect asset values and financial performance.
- Segregate and allocate expenses by project to monitor project profitability and manage budgets effectively.
- Perform month-end or year-end closing entries to prepare financial statements and ensure accuracy in financial reporting.
- Putting in and dealing with bills
- Handling extra costs
- Getting ready a report showing how much money we owe and for how long
- Writing down how much money we make and get from customers
- Getting ready a report showing who owes us money and for how long
Profit and Loss Statement
Cash Flow Statement
Balance Sheet Reporting
Trial Balance
Fixed Assets Process Reports
Stock consumption and stock movement analysis report
Location wise inventory report
Outstanding Purchase Order pending for receipt of goods
Outstanding Sales Order pending for dispatch of goods
Cost Accounting for different manufacturing processes
Bank Reconciliation report
Item wise costing analysis
Department wise Employment Cost Analysis
Variance analysis
Getting ready to pay employees
Figuring out how much to pay and actually paying employees
Figuring out how much tax to pay and filling out tax forms
941, 1099, 940, and quarterly state tax returns
Who We Serve
Food Producton
Automotive
Chemical Industry
Textile
Electronics
